Foster Q3 2023 Earnings Report
Key Takeaways
L.B. Foster's third quarter results showed an 11.8% increase in net sales year-over-year, reaching $145.3 million. Gross profit increased by 22.2% to $28.2 million, with gross margins up by 160 basis points to 19.4%. Net income was $0.5 million, a $2.6 million increase year-over-year, and adjusted EBITDA rose by 14.2% to $10.6 million. Strong cash flow generation reduced net debt by $16.9 million to $68.7 million.
Net sales increased by 11.8% year-over-year to $145.3 million.
Gross profit increased by 22.2% year-over-year to $28.2 million, with gross margins up by 160 basis points to 19.4%.
Net income improved by $2.6 million year-over-year to $0.5 million.
Net debt reduced by $16.9 million during the quarter to $68.7 million.
Foster
Foster
Forward Guidance
The Company is updating its 2023 financial guidance to narrow ranges and maintain midpoints for both sales and adjusted EBITDA.
Positive Outlook
- Maintaining midpoints for sales guidance.
- Maintaining midpoints for adjusted EBITDA guidance.